JPMorgan Chase Paying $1,790,000 Penalty for Overcharging Clients in Singapore, Failing to Stop Employee Misconduct

JPMorgan Chase should pay a $1.79 million tremendous for overcharging a bunch of consumers in Singapore.

The Financial Authority of Singapore (MAS) says the banking large has admitted legal responsibility for failing to detect and cease misconduct by its relationship managers.

The company says the managers offered incorrect data to clients whereas executing 24 over-the-counter bond transactions, inflicting these clients to be overcharged.

In line with the MAS, JPMorgan didn’t have an excellent system in place to make sure that its managers adhered to predetermined shopper allocation agreements.

“The financial institution has refunded the overcharged charges to the affected clients.

The financial institution has additionally improved its pricing frameworks and inside controls to forestall recurrence of such misconduct.”

JPMorgan stated the problem affected a “very small” proportion of complete transactions processed.

“In 2020, following the completion of our inside evaluation, JPMorgan Non-public Financial institution applied a complete replace to its inside management, monitoring and coaching framework to make sure our buying and selling administration, worth transparency and compliance rules are maintained.”

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